azania bancorp ltd vs fredrick oldenburg 2003 tzhc 64 15 july 2003

azania bancorp ltd vs fredrick oldenburg 2003 tzhc 64 15 july 2003

The defendant signed the guarantee and indemnity memorandum, thereby assuming liability as guarantor. Upon the principal debtor's default, the guarantor is legally bound to pay the outstanding debt as per the agreement.

Citation
azania bancorp ltd vs fredrick oldenburg 2003 tzhc 64 15 july 2003
Parties
Plaintiff: Azania Bancorp Ltd; Defendant: Fredrick Oldenburg
Court
TZHC
Jurisdiction
Tanzania
Judgment Date
15 July 2003
Procedural Posture
Civil Case / Judgment After Ex Parte Hearing
Outcome
Suit decreed ex parte in favour of the plaintiff. Defendant held fully liable as guarantor.
Legal Topics
Guarantee and Indemnity, Loan Recovery, Surety Liability
Source Language
English
Contract Law Banking Law Guarantee and Indemnity Loan Recovery Surety Liability

Case Brief

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Parties

Azania Bancorp Ltd

Plaintiff

Fredrick Oldenburg

Defendant

Procedural Posture

Civil Case / Judgment After Ex Parte Hearing

Legal Issues

  1. 1 Whether the defendant as guarantor is liable for the outstanding debt after the principal debtor defaulted

Ratio Decidendi

The defendant signed the guarantee and indemnity memorandum, thereby assuming liability as guarantor. Upon the principal debtor's default, the guarantor is legally bound to pay the outstanding debt as per the agreement.

Court Disposition

Suit decreed ex parte in favour of the plaintiff. Defendant held fully liable as guarantor.

Orders

  • Defendant declared fully liable as guarantor to the outstanding debt.
  • Defendant to pay Tsh 50,000,000/=